How Electric Motor Market will Grow at Highest CAGR

The rising use of electricity for various residential, commercial, and industrial purposes is promoting the growth of the global electric motor market predicts Fortune Business Insights in their new study. The study is titled,” Electric Motor Market Size, Share and Global Trend By Type (AC Motors, DC Motors, Hermetic Motor), By Power Output (Fractional Horsepower, Integral Horsepower), By Application (Industrial Machinery, Motor Vehicles, HVAC Equipment, Electrical Appliances, Others), and Geography Forecast till 2026.” This report includes expert opinion and information derived from trusted sources and focusses on major factors driving and restricting the growth of the market during the forecast period, 2018 to 2026.

For More Information and Detailed Scope of this Report, Visit @ https://www.fortunebusinessinsights.com/industry-reports/electric-motor-market-100752

According to the report, AC motors are anticipated to witness high demand in the coming years on account of their high-efficient and low-cost mechanism that comes in a simple design. As per applications, the oil and gas industry is currently dominating the global electric motor market owing to the immense production and exploration oh hydrocarbon to meet its huge demand.

Some of the companies functioning in the global electric motor market are Hitachi Ltd., Ametek Inc., WEG Industries, Nidec Corporation, Toshiba International Corporation, YASA Ltd., Johnson Electric, Denso Corporation, Bosch Group, General Electric, Rockwell Automation, Emerson Electric Co., Siemens, Allied Motion Technologies, Regal Beloit Corporation, ABB, and others.

“Environment-friendly Application of Electric Motors to Propel Growth”

Electric motors find application majorly in pumped storage, ship propulsion, and appliances such as machine tools, pumps and blowers, and others. Thus, their demand is on the rise. The introduction of electric vehicles by major companies such as Volkswagen, Mercedes, Ford Motors, BMW, and others is anticipated to create lucrative growth opportunities for the global electric motor market. Electric vehicles are environment-friendly and will help to reduce the consumption of fuels for automobiles, thus providing a win-win situation for the electric motor market.

Another major growth driver of the global electric motor market is the rise in living standards and an increase in disposable income of people that impel consumers to opt for everyday tools and equipment that runs on electric motors.

Get Sample Brochure for More Details @ https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/electric-motor-market-100752

Electric motors are suitable for various residential applications such as home appliances, kitchen appliances, bathroom appliances, and others. Electric motors are used for various purposes such as cooling, heating, ventilating, and others. Therefore their demand is always on the rise. The benefits mentioned above provided by electric motors act as major growth drivers for the electric motor market.

However, the market may face challenges in terms of high material cost, manufacturing cost, designing cost, and maintenance costs. In addition to this, electric motors also involve high cost based on per hour of operation for a high-horsepower motor having a low load factor, and this may also cause hindrance to the growth of the market in the future.

“Asia Pacific Market to Exhibit High Growth Potential on Account Expanding Electric Vehicle Market in China”

Geographically, the global electric motors market is dominated by North America on account of the ongoing augmentation of an electric vehicle by Tesla. This, accompanied by the rising exploration of hydrocarbon production, will help the market in North America emerge dominant and probably continue its dominance in the forecast period as well. In addition, the rising production of durable goods such as household appliances, heating and cooling equipment, electronic equipment, and machinery augmenting the growth of the electric motor market in the region.

For Detailed Analysis, Ask for Customization @ https://www.fortunebusinessinsights.com/enquiry/customization/electric-motor-market-100752

The electric motor market in Asia Pacific is anticipated to exhibit the highest growth potential in the market. This is attributable to the expansion of the electric vehicle market in China. In addition to this, the rising consumer demand and government support will aid the expansion of the market in Asia Pacific. Meanwhile, India is also planning to launch electric vehicles in the forecast period under huge projects on public mobility. This will help Asia Pacific electric motor market revenue income to rise in the coming years.

Contact:

Name: Ashwin Arora
Email: sales@fortunebusinessinsights.com
Phone: US +1 424 253 0390 / UK +44 2071 939123 / APAC: +91 744 740 1245

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

This release was published on openPR.